Bear market allows companies to grab market share, says Blockdaemon CEO
Crypto infrastructure provider Blockdaemon has acquired Danish startup Sepior and intends to keep growing during this bear market.
The founder and CEO of Blockdaemon, Konstantin Richter, told Techcrunch in a recent interview, that the company had acquired Sepior, a digital asset security company providing key management services for institutional clients.
While he didn’t disclose the price, Ritcher said the bear market provides an opportunity for companies to grab market share. He stated that;
“We view this as a massive opportunity for us to grab market share. We’re the most capitalized company in the space. We are already the market leader. We feel that we have a really unique product combination that really sets us apart, and so we’re going to invest a lot in customer acquisition, and obviously, we will do it carefully.”
Ritcher added that Blockdaemon’s goal is to become the ne-stop shop for institutions using crypto to manage their backend.
The platform will enable institutions to enjoy services such as on and off ramps, node APIs, high-availability clusters for transactions, staking, and liquid staking, all within a single seamless interface.
He revealed that the acquisition of Sepior is to allow it to provide staking services to institutional investors. Ritcher added that;
“In order to specifically do the staking part, if you want to be really quick and rebalance assets, and stake assets for institutions, you have to ultimately touch the keys, which is not something we want to do, because we want to remain noncustodial. So Sepior’s key management solution solves a couple of those problems for us because they provide institutional grade key management, which is actually very rare.”
The Blockdaemon boss said as a young company, it is important to have a playbook and learn how to acquire other companies. He said;
“I think one of the things that is often underestimated is, when you’re a young company, learning how to build a playbook and how to acquire companies and then integrate them really well is also an experience thing. I feel like we’ve worked our way up in terms of the complexity of acquisitions and the type of companies we’re acquiring, so Sepior is a really good play for us.”
The cryptocurrency market has been in a downward trend over the last few months, but some companies are taking advantage of it.
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